IslamicFinance.de

The emirate of Sharjah is targeting a five-year sukuk offering and could launch a transaction as early as this week, a document from lead arrangers showed on Tuesday. The sovereign finished roadshows on Monday in London, following investor meetings in the Middle East and Asia last week, and was now in the process of receiving feedback from the market, the document added. The emirate mandated Bank Of Sharjah, Barclays, Commerzbank, Dubai Islamic Bank, HSBC and Sharjah Islamic Bank to arrange the meetings and the possible transaction. Sharjah was reported to be planning to raise funds through a dollar-denominated sukuk of benchmark size, in what could be the first sovereign Islamic bond issuance from the region this year.

The emirate of Sharjah has picked six banks to arrange investor meetings starting next week ahead of a potential dollar-denominated sukuk issue, a document from lead arrangers showed on Wednesday. The sovereign has mandated Bank Of Sharjah, Barclays, Commerzbank, Dubai Islamic Bank, HSBC and Sharjah Islamic Bank to arrange the transaction. Investor meetings will be held starting Sunday in the Middle East, Asia and the United Kingdom and a deal will follow subject to market conditions, the document added.

Islamic Development Bank (IDB) has picked seven banks to arrange meetings with fixed income investors ahead of a potential sukuk issue. The banks are CIMB, Commerzbank, First Gulf Bank, HSBC, Natixis, National Bank of Abu Dhabi and Standard Chartered. IDB will hold roadshows in the Middle East and Asia commencing February 23, with a dollar-denominated Islamic bond to follow subject to market conditions. The AAA-rated bank last sold a sukuk in May, when it priced a $1 billion five-year Islamic bond with a profit rate of 1.535 per cent.

The New York Department of Financial Services (DFS) has asked half a dozen European banks to submit their official records pertaining to their financial dealings with Turkey's Uzan family. The six banks covered by the order are France based BNP Paribas, Societe Generale and Credit Agricole; Commerzbank and Deutsche Bank of Germany and Standard Chartered. The state banking regulator is investigating the case over the illegal business dealings with Uzans. Standard Chartered assured its full co-operation with the regulators, while representatives of the other European banks either declined to comment or did not respond to requests for comment.

Kuveyt Türk Chairman Mohammed Al-Omar, Vice Chairman Abdullah Tivnikli and CEO Ufuk Uyan was present at at the signing ceremony and press conference for the second "Sukuk" issuance that accepted great interest from the Gulf Region and European investors.
Other officials from lead arranging banks also attended: Abu Dhabi Islamic Bank, Commerzbank, HSBC, Liquidity Management House and Standard Chartered Bank.

This is the first Turkish Sukuk under the new Sukuk regulations presented by the Capital Markets Board in Turkey to facilitate Turkish Sukuk issuance.
The joint lead managers were HSBC, Standard Chartered, Liquidity Management House, Abu Dhabi Islamic Bank and Commerzbank, and HSBC was seen as certificateholders’ representative on the issue of a $350 million (EUR 247 million) five-year Sukuk by Turkish participation bank Kuveyt Türk Kat?l?m Bankasi.